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No it's not that people want to live near the Sydney CBD per se. Melbourne CBD is arguably just as if not more interesting but it's not a good place to invest. The difference is supply. It's almost always about supply. 10-15 years ago Melbourne CBD was filled with old warehouses, empty blocks...

Because even if Sydney has an apartment problem it's spread across the city. It's not isolated to the CBD like all the other cities. Sydney CBD didn't have all the empty blocks, warehouses, and crappy small buildings to tear down that all the other cities had 5 years ago.